Market watch: Equities end marginally positive as profit-taking kicks in
Benchmark 100-share index increases 69.17 points.
Trade volumes fell to 263 million shares compared to 307 million on Friday. PHOTO: EXPRESS
KARACHI:
On a day dominated by activity in blue-chip stocks, the index ended marginally positive as it inched closer to the 34,000-point barrier on Monday.
At close, the benchmark Karachi Stock Exchange (KSE) 100-share index stood at 33,844.29 points, registering a rise of 0.20 % or 69.17 points.
Elixir Securities analyst Faisal Bilwani said Pakistan equities ended the opening day of the shorter week – due to the holiday on May 1 – with trimmed gains on profit-taking near the 34,000-point level.
“On a day that witnessed selective interest, the highlight was Engro Corporation (ENGRO, +3.2%) on local interest ahead of its 1Q earnings announcement.”
DG Khan Cement (DGKC, +2.4%) also gained and generated volumes on reported foreign buying, said Bilwani.
“MCB Bank (MCB, +1.9%) that reports 1Q earnings on Tuesday also traded positive while Habib Bank (HBL, +2.1%) closed above Rs200 per share for the first time since its privatisation transaction on the back of institutional buying.”
Fauji Cement (FCCL, -1.7%) closed negative despite reporting earnings that beat estimates and grew by over 32% with volumes highest on KSE100, added the analyst.
Meanwhile, Topline Securities stated that the market, amid declining volumes, ended marginally negative with PSO among the losers.
“PSO fell by 0.6% after company declared a loss in the January-March quarter. However, interim dividend of Rs6 per share was a surprise.”
Trade volumes fell to 263 million shares compared to 307 million on Friday.
Shares of 367 companies were traded on Monday. Of these, 191 companies closed higher, 159 saw a decline and 17 remained unchanged. The value of shares traded during the day was Rs16 billion.
Fauji Cement was the volume leader with 27.9 million shares, losing Rs0.61 to close at Rs33.79. It was followed by Bank of Punjab with 20.3 million shares, gaining Rs0.33 to close at Rs9.93 and KASB Bank Limited with 19.6 million shares, losing Rs0.08 to close at Rs3.37.
Foreign institutional investors were net buyers of Rs1.1 billion worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, April 28th, 2015.
On a day dominated by activity in blue-chip stocks, the index ended marginally positive as it inched closer to the 34,000-point barrier on Monday.
At close, the benchmark Karachi Stock Exchange (KSE) 100-share index stood at 33,844.29 points, registering a rise of 0.20 % or 69.17 points.
Elixir Securities analyst Faisal Bilwani said Pakistan equities ended the opening day of the shorter week – due to the holiday on May 1 – with trimmed gains on profit-taking near the 34,000-point level.
“On a day that witnessed selective interest, the highlight was Engro Corporation (ENGRO, +3.2%) on local interest ahead of its 1Q earnings announcement.”
DG Khan Cement (DGKC, +2.4%) also gained and generated volumes on reported foreign buying, said Bilwani.
“MCB Bank (MCB, +1.9%) that reports 1Q earnings on Tuesday also traded positive while Habib Bank (HBL, +2.1%) closed above Rs200 per share for the first time since its privatisation transaction on the back of institutional buying.”
Fauji Cement (FCCL, -1.7%) closed negative despite reporting earnings that beat estimates and grew by over 32% with volumes highest on KSE100, added the analyst.
Meanwhile, Topline Securities stated that the market, amid declining volumes, ended marginally negative with PSO among the losers.
“PSO fell by 0.6% after company declared a loss in the January-March quarter. However, interim dividend of Rs6 per share was a surprise.”
Trade volumes fell to 263 million shares compared to 307 million on Friday.
Shares of 367 companies were traded on Monday. Of these, 191 companies closed higher, 159 saw a decline and 17 remained unchanged. The value of shares traded during the day was Rs16 billion.
Fauji Cement was the volume leader with 27.9 million shares, losing Rs0.61 to close at Rs33.79. It was followed by Bank of Punjab with 20.3 million shares, gaining Rs0.33 to close at Rs9.93 and KASB Bank Limited with 19.6 million shares, losing Rs0.08 to close at Rs3.37.
Foreign institutional investors were net buyers of Rs1.1 billion worth of shares during the session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, April 28th, 2015.